Mauser plans acquisition with Time Technoplast
German packaging company Mauser AG plans to expand its presence in Asia in association with Indian polymer major, Time Technoplast, a company official said here on Thursday.
By PTI |
KOLKATA: German packaging company Mauser AG plans to expand its presence in Asia in association with Indian polymer major, Time Technoplast, a company official said here on Thursday.
"Mauser does not have any base or subsidiary of its own anywhere in Asia and are keen to expand through acquisitions in the region in association with our company," Time Technoplast Ltd (TTL) director (Finance) Bharat Vageria said here today.
The companies have a joint venture investment company, Mauser Holding Asia Pte Ltd in Singapore which would acquire assets in packaging sectors across the Asian market, Vageria said.
TTL would hold 49 per cent for which RBI approval had been sought and rest by the German packaging major in the investment company.
Mauser Holding Asia invested Rs 36 crore in acquiring Pack Delta Public Company Ltd, a polymer packaging company in Thailand, Vageria said.
Though Mauser will be taken over by Dubai International LLC, Vageria did not forsee any change in strategy of the company due to the change in management control.
"We also have a technical tie-up with them," he said.
Director Sanjaya Kulkarni said that TTL would continue organic and inorganic growth in the years to come.
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